GBP/USD Weekly Forecast - 08 June - 12 June

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Friday, Jun 05 2015

Sterling managed to rebound in the course of the last week, despite rather mixed UK data, which indicates that pair is ready to break higher in the near future. Pair went above 1.54 handle, but did not manage to hold onto gains after Friday's NFP figures, with pair pulling back to 1.5250 area. As for next week we would pay attention to UK Industrial Production data. We expect some amount of support around 1.52 handle, initially in the

week, and 1.51 area in extension as this proved to be major support lately, so these would be our short-term buying points. On the other hand, area above 1.5350 and 1.54 handle should offer significant amount of resistance at the moment so this is where we would consider selling the pair in short-term trends. In long-term trends, selling is not an option at the moment, as we believe that pair will continue with its uptrend and test 1.55 handle as a resistance. We would use pullbacks as a buying opportunities.

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